APR Increase on PCP

[Deleted User 965]

Does anyone buying their car on PCP (Not those getting 0%) know if Ford's increase to 3.9% APR this month affects deals we secured last year? That's an uplift from 2.9% to 3.9% and linked presumably to the bank of england rate increase. Does PCP work like mortgages where the rate is x% above BoE base rate, or is it a fixed rate at the time the deal is done?

[Rizmo]

Your dealer should have all the answers. I've never heard the change mentioned but the holidays have probably distracted most from finding out yet.

[Spoonface]

I'm sure in the past it's been a fixed rate when the deal is done. Though just after signing off on a deal once Ford dropped APR to 0% and dealership contacted me to tell me I could have that offer. I'm sure APR went up once whilst waiting for a car but mine stayed the same.

Is it all models or just ST going up? ST is usually higher

[Deleted User 965]

They still have 0% over two years on most things.. but their standard rate otherwise is going up to 3.9% so you could say it's the ST rate as not many cars aren't eligible for the 0%

Thanks for the answer. Hope you're right. I think any unpleasant financial surprises could push me away on a car that's pretty expensive to start with.

[Sparks]

The features of Ford Options

The opportunity to drive a new Ford car more often
Fixed regular payments to suit your needs
Interest rate fixed for the loan duration
Optional Final Payment provides protection from any unexpected fall in used car prices
Reduced exposure to major service and repair bills
Flexibility – at the end of the agreement you can Renew, Return or Retain your Ford (see below)
The option to own the car at the end of the agreement

Extracted from dealer site...

[Deleted User 965]

Good find.. I suppose the only slight doubt is that the finance hasn't yet been drawn down as I haven't got the car. Hopefully it's as it says and it's when the car is contracted that the APR is set in stone.

[JackTheLad87]

Good find.. I suppose the only slight doubt is that the finance hasn't yet been drawn down as I haven't got the car. Hopefully it's as it says and it's when the car is contracted that the APR is set in stone.

Your interest rate will remain the same as when you agreed your deal. Your finance may not have been drawn yet, but Ford Credit have already done a finance and affordabilty check in order to enable your dealer to create the order form for your car. The 3.9% apr came in to play for all deals made from the 1st Jan onwards. That's why my rep at TrustFord rushed through a deal for me on the PHEV kuga in the last week of December to take advantage of the last week of 0% and double the deposit contribution, despite the long wait for the vehicle to be built.

[Deleted User 965]

Cheers for the confirmation.. Just need to find out if my build date has slipped back now then.

[Stylecarpets]

I notice the GFV on the ST has increased by nearly £1000 to, will cars ordered before the increase go up as well or stay at £14440?

[Deleted User 965]

I imagine if one parameter stays as is, that they all will. The only time I've seen this differ is when they transitioned the Mk8 Fiesta orders to the MK8.5. They fiddled around with the finances then to make things fit without them losing out too much on spec matching.